November 18, 2024 Newswires

Federal Home Loan Bank of Dallas and Veritex Community Bank Award $33.5K to Two Houston Community Development Organizations

Business Wire

Grants Will Be Used to Educate Homeowners and Transform Damaged Properties

HOUSTON--(BUSINESS WIRE)--
Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) joined Veritex Community Bank to award $12,500 in Partnership Grant Program (PGP) funding to Credit Coalition and $21,000 to the Houston Land Bank Fund to help promote economic development in Houston, Texas. The funds are part of $1.2 million in PGP funds FHLB Dallas and participating members awarded to 47 community organizations in 2024.

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From left to right: Courtney Taylor and Peyton Jones with Veritex Community Bank, Christa Stoneham with Houston Land Bank Fund, Sherrie Young with Credit Coalition and Bruce Hatton, FHLB Dallas. (Photo: Business Wire)

The awards were celebrated today during a check celebration at Veritex Community Bank in Houston.

The FHLB Dallas PGP offers up to a 5:1 match of member contributions — up to $25,000 per FHLB Dallas member — to support community-based organizations involved in affordable housing or economic development activities that complement other FHLB Dallas community investment programs. The program is funded on an annual basis, and funds are distributed through participating FHLB Dallas members.

In this case, FHLB Dallas member institution Veritex Community Bank provided a $3,500 grant to Credit Coalition, which FHLB Dallas matched with $17,500, and a $2,500 grant to Houston Land Bank, which FHLB Dallas matched with $10,000.

“We are so pleased to partner with FHLB Dallas to provide funding that will make a positive impact on Houston and nearby cities,” said Courtney Taylor, senior vice president and community development officer at Veritex Community Bank.

One of the recipients, the Houston Land Bank Fund, transforms vacant, abandoned and damaged properties into affordable housing by acquiring land and property and reselling it at below-market rates to builders, nonprofits and developers. It will use its grant to enhance its ability to manage projects efficiently, expand its reach and increase its impact.

“It’s exciting to be able to do this work that affects so many people who need homes,” said Christa Stoneham, president of the Houston Land Bank Fund.

The other recipient, Credit Coalition, will use the grant for free financial and homebuyer counseling, education and outreach, reverse mortgage counseling and financial coaching to low- and moderate-income communities in Greater Houston and Beaumont.

Veritex Community Bank has supported Credit Coalition with bankers on the board of directors, assisting with financial literacy classes and through monetary donations.

“We are so pleased to be able to continue our homebuyer and financial literacy work with traditionally underserved communities,” said Credit Coalition Executive Director Sherrie Young.

Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said the PGP is popular with small and growing nonprofits and provides an opportunity for FHLB Dallas members to make community connections.

“Working together with our member institutions, we can make a big impact in so many communities,” he said.

About Veritex Community Bank

Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. The bank has convenient branch locations in Houston, Fort Worth, and Dallas, Texas, with total assets of more than $12 billion. The bank, headquartered in Dallas, specializes in providing depository and credit services to small to mid-size businesses, which have been largely neglected by national banks. The name “Veritex” is derived from the Latin word “veritas,” meaning truth and “Texas.”

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $129.4 billion as of September 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.